After deal for Lincoln Road skydeck flew away, price dropped — again

After a deal fell through to sell a rooftop deck and office space on Lincoln Road, the seller has dropped the price again, to $2.5 million, and is willing to go below $2 million, The Real Deal has learned.

The 8,453-square-foot rooftop and 272-square-foot second-floor office condo at the Sony Music Building at 605 Lincoln Road is being marketed by RelatedISG’s Miamism sales team of Enrique Garcia and Ines Hegedus-Garcia. The deal includes the business’ audio equipment, outdoor speakers, lounge sofas, fire pit tables, high-top tables and other furnishings for the event space, marketing materials show.

The property also comes with a “Hall For Hire” license that allows parties 365 days out of the year until midnight and beyond midnight with a special permit.

Originally on the market in January 2015 for $3.5 million, the price had been dropped to $3 million in October 2015, and now $2.5 million. The seller is Alain Zenatti, the owner of The Upper Deck LLC.

Zenatti is a boat captain, and “his heart has never been in the business,” Hegedus-Garcia said.

“The seller is highly motivated and will entertain offers under $2 million if it’s a quick closing,” she told TRD.

The Upper Deck purchased the space in 2011 for $90,000, records show. The rooftop is still currently being operated for events and parties.

“It’s a fantastic deal for someone who can maximize the use,” Hegedus-Garcia said. “And if you are able to change it to a lounge, it’s a home run, and whoever buys it will get their money back in no time.”

In April 2015 Michael Wilkings, a London-born entertainment executive from Toronto, told TRD that his company Howard Hospitality Group had a contract to buy 605 Lincoln Road’s rooftop space from the Upper Deck. However, he said the transaction wouldn’t close unless Miami Beach city officials signed off on a conditional use permit allowing Howard Hospitality to operate a 193-seat lounge that would be open until 2 a.m. seven days a week.

The day after that April hearing, the buyer called to extend the due diligence period. The seller agreed to extend it 30 days until after the new hearing date,” Hegedus-Garcia said. But Wilkings wanted five months.